T.Two more days until the final of three Social Security payments in May, worth up to $4,555, are paid to retirees. according to Social Security Administration.
The payment date is the 4th Wednesday of May, May 24th, and those born on or after the 21st are eligible. Payments are always shipped on the 2nd, 3rd and 4th Wednesday of each month.
Political and Market Pressure to Raise the Debt Ceiling Increases
The first distribution was sent on the second Wednesday of May, May 10, to retirees born between the 1st and 10th of each month. A second wave was sent last week on Wednesday, May 17, to those born between May 11 and 20.
The amount each beneficiary receives depends on their age at retirement. Those who retire at age 62 receive checks of up to $2,572, those who retire at age 67 receive checks of up to $3,627, and those who delay retirement until age 70 receive a maximum of $4,555 per month. according to SSA.
Senate Republicans said President Obama’s proposals to resolve the Social Security crisis would only make matters worse.
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The current retirement age in the United States is 67, but some lawmakers are proposing raising it to 70.
If Congress does not clarify how the program will be funded in the future, beneficiaries could face reduced payments. The future of Social Security has been debated in Congress for years, but experts warn that the Social Security program could collapse within a decade if nothing is done.
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And if the U.S. defaults on loans in June, beneficiaries could see delayed or reduced payments next month.
The cost of living adjustment for Social Security recipients could be just 3.1% next year, down significantly from 8.7% in 2023. His annual COLA is based on the consumer price index for urban salaried and office workers.
